2019 Q1 Form 10-Q Financial Statement

#000009016819000014 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1 2017 Q4
Revenue $27.39M $27.79M $24.25M
YoY Change -1.45% -11.21% -22.95%
Cost Of Revenue $25.30M $25.27M $22.22M
YoY Change 0.15% -8.6% -18.62%
Gross Profit $2.088M $2.529M $2.029M
YoY Change -17.44% -30.88% -51.32%
Gross Profit Margin 7.62% 9.1% 8.37%
Selling, General & Admin $3.784M $3.861M $4.072M
YoY Change -1.99% -12.17% -23.21%
% of Gross Profit 181.23% 152.67% 200.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.910M $2.130M $2.191M
YoY Change -10.33% -11.98% -12.88%
% of Gross Profit 91.48% 84.22% 107.98%
Operating Expenses $3.784M $3.861M $4.072M
YoY Change -1.99% -12.17% -23.21%
Operating Profit -$945.0K -$1.736M -$1.068M
YoY Change -45.56% 32.52% -37.94%
Interest Expense $315.0K $436.0K $444.0K
YoY Change -27.75% -19.41% -34.51%
% of Operating Profit
Other Income/Expense, Net $34.00K $80.00K $316.0K
YoY Change -57.5% -25.23% 195.33%
Pretax Income -$1.224M -$2.035M -$1.151M
YoY Change -39.85% 16.95% -49.56%
Income Tax $34.00K $3.000K -$240.0K
% Of Pretax Income
Net Earnings -$1.258M -$2.038M -$911.0K
YoY Change -38.27% 22.99% -65.08%
Net Earnings / Revenue -4.59% -7.33% -3.76%
Basic Earnings Per Share -$0.23 -$0.37 -$0.17
Diluted Earnings Per Share -$0.23 -$0.37 -$0.17
COMMON SHARES
Basic Shares Outstanding 5.561M shares 5.535M shares 5.502M shares
Diluted Shares Outstanding 5.561M shares 5.535M shares 5.502M shares

Balance Sheet

Concept 2019 Q1 2018 Q1 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.903M $900.0K $1.100M
YoY Change 111.44% -35.71% 10.0%
Cash & Equivalents $1.903M $885.0K $1.131M
Short-Term Investments
Other Short-Term Assets $1.499M $3.000M $2.900M
YoY Change -50.03% 36.36% 3.57%
Inventory $10.34M $18.87M $19.36M
Prepaid Expenses
Receivables $31.32M $26.20M $24.60M
Other Receivables $366.0K $100.0K $2.969M
Total Short-Term Assets $45.85M $49.11M $51.05M
YoY Change -6.64% -13.88% -13.8%
LONG-TERM ASSETS
Property, Plant & Equipment $35.34M $37.89M $38.86M
YoY Change -6.75% -17.4% -17.59%
Goodwill $11.73M $12.54M $12.31M
YoY Change -6.47% 10.53% 9.66%
Intangibles $4.181M $6.075M $6.432M
YoY Change -31.18% -38.02% -37.69%
Long-Term Investments
YoY Change
Other Assets $342.0K $175.0K $225.0K
YoY Change 95.43% -37.72% 1.35%
Total Long-Term Assets $51.59M $56.69M $57.82M
YoY Change -8.99% -15.78% -16.1%
TOTAL ASSETS
Total Short-Term Assets $45.85M $49.11M $51.05M
Total Long-Term Assets $51.59M $56.69M $57.82M
Total Assets $97.45M $105.8M $108.9M
YoY Change -7.9% -14.91% -15.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.12M $13.23M $11.74M
YoY Change -0.8% -14.22% -11.11%
Accrued Expenses $5.485M $7.095M $7.136M
YoY Change -22.69% 20.72% 24.86%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $18.63M $16.81M $18.76M
YoY Change 10.85% -22.09% -25.98%
Long-Term Debt Due $5.921M $7.463M $8.084M
YoY Change -20.66% 0.95% -2.07%
Total Short-Term Liabilities $43.16M $44.59M $45.71M
YoY Change -3.22% -11.28% -12.95%
LONG-TERM LIABILITIES
Long-Term Debt $1.679M $4.048M $4.509M
YoY Change -58.52% -39.22% -36.27%
Other Long-Term Liabilities $67.00K $117.0K $148.0K
YoY Change -42.74% -74.84% -62.63%
Total Long-Term Liabilities $1.746M $4.165M $4.657M
YoY Change -58.08% -41.54% -37.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.16M $44.59M $45.71M
Total Long-Term Liabilities $1.746M $4.165M $4.657M
Total Liabilities $44.90M $48.76M $50.37M
YoY Change -7.9% -15.04% -16.03%
SHAREHOLDERS EQUITY
Retained Earnings $38.11M $41.32M $43.36M
YoY Change -7.75% -23.78% -22.41%
Common Stock $5.773M $5.691M $5.644M
YoY Change 1.44% 1.64% 2.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.24M $48.60M $49.89M
YoY Change
Total Liabilities & Shareholders Equity $97.45M $105.8M $108.9M
YoY Change -7.9% -14.91% -15.04%

Cashflow Statement

Concept 2019 Q1 2018 Q1 2017 Q4
OPERATING ACTIVITIES
Net Income -$1.258M -$2.038M -$911.0K
YoY Change -38.27% 22.99% -65.08%
Depreciation, Depletion And Amortization $1.910M $2.130M $2.191M
YoY Change -10.33% -11.98% -12.88%
Cash From Operating Activities $4.589M $930.0K $458.0K
YoY Change 393.44% -84.65% -158.12%
INVESTING ACTIVITIES
Capital Expenditures -$2.955M -$860.0K -$700.0K
YoY Change 243.6% 72.0% 52.17%
Acquisitions
YoY Change
Other Investing Activities $2.270M $2.990M $30.00K
YoY Change -24.08%
Cash From Investing Activities -$685.0K $2.140M -$678.0K
YoY Change -132.01% -519.61% 65.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $743.0K
YoY Change -93.92%
Cash From Financing Activities -2.923M -3.350M -$50.00K
YoY Change -12.75% -35.7% -102.87%
NET CHANGE
Cash From Operating Activities 4.589M 930.0K $458.0K
Cash From Investing Activities -685.0K 2.140M -$678.0K
Cash From Financing Activities -2.923M -3.350M -$50.00K
Net Change In Cash 981.0K -280.0K -$270.0K
YoY Change -450.36% -182.35% -149.63%
FREE CASH FLOW
Cash From Operating Activities $4.589M $930.0K $458.0K
Capital Expenditures -$2.955M -$860.0K -$700.0K
Free Cash Flow $7.544M $1.790M $1.158M
YoY Change 321.45% -72.71% -453.05%

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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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IncomeTaxExpenseBenefit
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
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us-gaap Increase Decrease In Accounts Payable
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451000 USD
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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25000 USD
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0 USD
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us-gaap Increase Decrease In Income Taxes Receivable
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-194000 USD
us-gaap Increase Decrease In Income Taxes Receivable
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299000 USD
us-gaap Increase Decrease In Inventories
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-1606000 USD
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425000 USD
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174000 USD
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382000 USD
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-60000 USD
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10000 USD
us-gaap Increase Decrease In Receivables
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5076000 USD
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4181000 USD
CY2018Q1 us-gaap Interest Expense
InterestExpense
436000 USD
us-gaap Interest Expense
InterestExpense
886000 USD
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InterestExpense
315000 USD
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InventoryFinishedGoods
5441000 USD
CY2019Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2900000 USD
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
115000 USD
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
-57000 USD
CY2018Q3 us-gaap Inventory Net
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18269000 USD
CY2019Q1 us-gaap Inventory Net
InventoryNet
10342000 USD
CY2018Q4 us-gaap Inventory Net
InventoryNet
11727000 USD
CY2018Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
6202000 USD
CY2019Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
3773000 USD
CY2018Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
6626000 USD
CY2019Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
3669000 USD
CY2018Q1 us-gaap Investment Income Interest
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14000 USD
us-gaap Investment Income Interest
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29000 USD
CY2019Q1 us-gaap Investment Income Interest
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1000 USD
us-gaap Investment Income Interest
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2000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
102237000 USD
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
97445000 USD
CY2018Q3 us-gaap Liabilities Current
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47817000 USD
CY2019Q1 us-gaap Liabilities Current
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43155000 USD
CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations
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2332000 USD
CY2019Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1679000 USD
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LongTermDebtAndCapitalLeaseObligationsCurrent
27197000 USD
CY2019Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
24552000 USD
CY2018Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
5944000 USD
CY2019Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
5921000 USD
CY2018Q3 us-gaap Long Term Debt Noncurrent
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2332000 USD
CY2019Q1 us-gaap Long Term Debt Noncurrent
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1679000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3398000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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1462000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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1388000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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4995000 USD
CY2018Q1 us-gaap Net Income Loss
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-2038000 USD
us-gaap Net Income Loss
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-2949000 USD
CY2019Q1 us-gaap Net Income Loss
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-1258000 USD
us-gaap Net Income Loss
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-2540000 USD
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OperatingIncomeLoss
-1736000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-2805000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-945000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-2451000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
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168000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
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342000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
19000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
0 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
534000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
831000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-159000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-587000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-161000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-323000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-107000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-215000 USD
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147000 USD
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67000 USD
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80000 USD
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OtherNonoperatingIncomeExpense
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CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
34000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
35000 USD
CY2018Q3 us-gaap Other Receivables Net Current
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0 USD
CY2019Q1 us-gaap Other Receivables Net Current
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366000 USD
us-gaap Payments For Proceeds From Short Term Investments
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-3093000 USD
us-gaap Payments For Proceeds From Short Term Investments
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-3335000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
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PaymentsForRepurchaseOfCommonStock
62000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
100000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
105000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1561000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
3752000 USD
CY2018Q3 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.54
CY2019Q1 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.27
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1900000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
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1499000 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
0 USD
us-gaap Proceeds From Insurance Settlement Investing Activities
ProceedsFromInsuranceSettlementInvestingActivities
2270000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
227000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
34243000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
25469000 USD
CY2018Q4 us-gaap Proceeds From Sale Of Machinery And Equipment
ProceedsFromSaleOfMachineryAndEquipment
317000 USD
us-gaap Proceeds From Sale Of Other Property Plant And Equipment
ProceedsFromSaleOfOtherPropertyPlantAndEquipment
3023000 USD
us-gaap Proceeds From Sale Of Other Property Plant And Equipment
ProceedsFromSaleOfOtherPropertyPlantAndEquipment
317000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
35390000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
35338000 USD
CY2018Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
28001000 USD
CY2019Q1 us-gaap Receivables Net Current
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22555000 USD
us-gaap Repayments Of Lines Of Credit
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35993000 USD
us-gaap Repayments Of Lines Of Credit
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28092000 USD
us-gaap Repayments Of Long Term Debt
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1936000 USD
us-gaap Repayments Of Long Term Debt
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701000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
2705000 USD
us-gaap Repayments Of Short Term Debt
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3247000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
37097000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
38114000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
40695000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27794000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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52044000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
27392000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
56458000 USD
us-gaap Revenue Performance Obligation Description Of Timing
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one year or less
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94079000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
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3861000 USD
us-gaap Selling General And Administrative Expense
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7933000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3784000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7894000 USD
CY2018Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
21253000 USD
CY2019Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
18630000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
0 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-9000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-18000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-20000 USD
CY2019Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
62000 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
62000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
50131000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
49891000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
48595000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
44189000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
46421000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
45239000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5535000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5519000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5561000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5548000 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5535000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5519000 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5561000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5548000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5535000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5519000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5561000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5548000 shares

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